The blockchain developer filed for bankruptcy after liabilities exceeded $1 million amid internal disputes and regulatory scrutiny.
Movement Labs, the developer behind the Movement blockchain, has filed for Chapter 11 bankruptcy protection. The company reported liabilities above $1 million, with assets ranging between $100,000 and $500,000, and fewer than 1,000 creditors.
The filing follows internal turmoil, including an investigation into MOVE token market-making and the departure of co-founder Rushi Manche in May 2025. Binance previously banned a related market-making account, adding to the company’s challenges.
Key creditors include Manche, the Delaware Division of Revenue, and Anchorage Digital. The bankruptcy process aims to restructure debts while addressing regulatory and operational setbacks.